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ApplyDirect Limited (ASX:AD1) is a provider of customer-branded recruitment marketing platforms aiming to provide a better experience to employers and candidates. Today (i.e., 23 January 2019) the company announced that it has secured individual contracts with Development Victoria, the Department of Health & Human Services (DHHS) and the Department of Environment, Land, Water and Planning (DELWP). Under these contracts, the company will provide a range of services from integration with the Careers.Vic jobs portal, to providing a customer branded careers portal on a managed services basis. Following this news, the share price of the company increased by 5.263 percent as on 23 January 2019.Â
While commenting on the contract wins, ApplyDirect CEO, Lorcan Barden said that it is pleasing that the companyâs strong beachhead within the Victorian Government is now converting into new revenue opportunities at an individual department level. He further informed that the company is expecting this pipeline to build throughout the second half of FY 2019, following the slowdown experienced in the second quarter of FY19 due to the State election.
In the financial year 2018, the company signed significant contracts which includes a contract with Victoria government, the contract for additional enhancements on the iWorkforNSW platform. The company also signed an agreement with APM which provides employment disability services in Australia.
Recently, the company signed the transaction documents for the proposed acquisition of Utility Software Services Pty Ltd (USS) and executed a share sale agreement regarding the acquisition of 100 percent shares of USS. Given the current state of capital markets and the fact that the company is still in a cash burn cycle, the acquisition of USS is a great opportunity for the companyâs future. In FY 2018, the companyâs operating revenue increased by 148 percent as compared to the prior year.
At the recently held Annual general meeting (AGM) the chairman of the company told that while 2018 has been a difficult year for shareholders, the company has made material progress and with the proposed transaction and capital raise, there will be the resources required to fulfill the companyâs potential.
In the 2018 September quarter, the cash receipts of the company increased by 93 percent to $630,000 as compared to the Corresponding quarter in the last year. The company's net cash outlays from operating activities in the September quarter were $1.81 million. During the September quarter, the company made significant progress towards its business objectives, with significant new client wins and revenue growth in the second half of FY 2018. In FY 2018, the company earned a total revenue of $2.16 million and incurred a loss of $4.748 million.
Meanwhile, in the past six months, the share price of the company decreased by 55.81 percent on 22 January 2019. AD1âs shares traded at 0.020 with a market capitalization of circa $4.87 million as on 23 January 2019.
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